Manager's Check ...How does it work?

Just wanna know how to get it and how it really works. I've read it comes with a fee?Do you really have to have an account with the bank to get one from them?Which ones charge low fees and release fast?Does it expire?

Sorry,don't really know bout it.And I browsed and browsed and I though I didn't see any reference to it..

It is a check issued by the bank against its own account, and is signed by a manager and maybe another officer. Compare that with a regular check which is issued by persons/corporations against their account with the bank.

Banks will charge for the service. Fees will vary from bank to bank.

Generall you must be an accountholder to be able to buy a manager's check, but a bank may sell you one even if you are not, if you are properly identified, introduced, referred, or otherwise known to the bank. They do not want their checks to be used for fraudulent or illegal transactions, which is why they want to know who their customers are.

i accept manager's checks only from people i know and issued by banks i know. MCs should be distinct and colored differently from regular checks. since they're good as cash, many people are tempted to forge them from regular checks. remember leo di caprio in "catch me if you can."

i accept manager's checks only from people i know and issued by banks i know. MCs should be distinct and colored differently from regular checks. since they're good as cash, many people are tempted to forge them from regular checks. remember leo di caprio in "catch me if you can."

got it!,,my reason for it is, i wanna attend property auctions and they require either P25k in cold cash or MC,so the latter is more convenient...one more thing,it doesn't expire,right?..hehehe..sorry for the ignorance..

six months before it turns stale. it clears within a day, not four days as with regular checks.

hello cretinous00!gud day!...well,i doubt it if it will ever take that long..now,what do you mean by "stale",dear sire?..after 6 months of no action does it mean the check is kaput?..now,say i wasn't able to "use" it at all for any reason,what are the ways to still keep it?can i just deposit it back to an account?

You may use the money in your payroll account to fund a manager's check issued by the same bank. There is no minimum, but there is a charge for the check (eg, P50.00 per check for UnionBank and BPI), so if the amount of the check is P20.00, maybe it doesn't make too much sense.

MANAGER's CHECK or MC is as GOOD as CASH...much much better than a PERSONAL CHECK (regular check) because one hindi tatalbog ang tseke ng bangko, as opposed to PC. And it's more often than not, preferred by business establishments for large scale transactions, simply because of that guarantee, the thing is...THEY TRUST the BANK more than they trust YOU, (nothing personal, mas secure daw kasi pag bank ang pumirma) hehe, unless you're a bigwig rich dude na talagang coveted ang check.

usually it has a nominal fee, but if you're a good client i.e. madami kang pera sa bangko, they wouldn't think of charging you anything.

So an MC is basically the bank saying, "this guy has the goods to back it up, and i'm vouching for this fella."

Usually there's a form you need to fill up - an application for manager's check. Fill that up and sign it, then line up at the counter. The staff will write everything that needs to be written on the check.

just to add, if staled na ang MC it's not actually worthless, but you can't just deposit it back to your acct without informing the bank.. kase yung payee is definitely not you, second endorsed check na yun. they will only allow you to deposit it to your account once na maverify nila na ikaw din yung purchaser ng MC.